33 Iowa 402 | Iowa | 1871
I. Appellant claims that the writing executed by Otis & Snow conclusively establishes a partnership between them and Gafford & Co. The writing is as follows : “ Received of Gafford & Company, $2,000 to invest in wool. Said Gafford & Co. to receive two-thirds of the net proceeds or profits, on the sale of wool, and Otis & Snow one-third. Om & Snow.”
“ If any more money shall be required to invest, the above terms shall hold good. Otis & Snow.”
This memorandum shows simply an advance of money by Gafford & Co.; that it is to be invested in wool by Otis & Snow; and that Otis & Snow are to have one-third the net" profits. It is worthy of remark that this case involves a question of partnership inter sese and not as to third
The-writing executed by the parties in this case contains no provision from which an intention that Otis & Snow should bear a portion of the losses, if loss should be sustained, can be inferred. We are, therefore, clearly of opinion that it does not of itself establish a partnership between Gafford & Co. and Otis & Snow.
The case of Dob v. Halsey, 16 Johns. 33, cannot, perhaps, be fully reconciled with some of the cases cited above. But as the question involved in that case was the existence of a partnership as to third persons, the point decided therein is not inconsistent with the conclusion here reached.
II. Does the evidence submitted on the trial establish a partnership? Whatever arrangement was made, was entered into between C. E. Snow and R. B. Foote, representing their respective firms. Gafford testifies that the arrangement was that Gafford & Co. should furnish the money, and that Otis & Snow should purchase wool, that Gafford & Co. should have two-thirds interest in the transaction, and Otis & Snow one-third. But the weight of
It is admitted that the letter of the statute (§ 3982, [Revision) does not cover this case, but it is claimed the
It is clear to us that the judgment of the district court should be
Affirmed.